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2022-03-31-accounts

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REGISTERED CHARITY NUMBER: 1185732

OLDP CIO

Unaudited Annual Report and Financial Statements Year Ended 31 March 2022

CONTENTS

Page
Reference and administrative information 2
Report of the Trustees 3 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 to 13

REFERENCE AND ADMINISTRATIVE DETAILS

Registered office

10 Byron Croft Sutton Coldfield B74 4YF

Trustees

B Quarless (Chair) C Gilkes B Brown Co-opted F Pearson

Registered Charity number

1185732

Independent Examiner

P Bowater ACA BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB

Bankers

CAF Bank 25 Kings Hill Avenue Kings Hill West Malling ME19 4JQ

TRUSTEES REPORT YEAR ENDED 31 MARCH 2022

The trustees present their report and unaudited financial statements of the charity for the year ending 31 March 2022.

TRUSTEES

The trustees who served during the year and up to the date of signature of the unaudited financial statements were:

B Quarless (Chair)

C Gilkes

B Brown

Co-opted

F Pearson

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The Memorandum and Articles of Association govern the charity together with the policies made by the trustees.

The charity is constituted as a Charitable Interest Company limited by guarantee. The members of the company are the trustees. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

We have a registered constitution which states that we are governed by a structure of volunteer trustees (also known as Board members) Board members are legally responsible for the charity and meet a minimum of 4 times a year (including committee meetings).

The Board members are supported by co-opted board members. Co-opted board members are asked to join as co-optee’s by Board members for their particular skills. Co-optee’s have no legal responsibilities and are not registered with the charities commission, they may however, vote on non-legal matters where invited to do so by the board members.

We are striving to make committee membership a community currency and an integral part of who we are as a charity. We believe in the ethics of community currency, which is not just about money but about supporting and helping SMEs support each other financially by lending and receiving credit, goods and services within the currency network.

Committee members are compassionate about the work of the charity, they support the charity and advise the Charity's Board members about the communities in which it works. Committee members are unencumbered invitees with no legal responsibilities or obligations nor any voting rights, they attend 2 committee meetings a year (includes the AGM) and pay an annual membership fee of £10.

Board members are also automatically committee members, all members have written job role’s

TRUSTEES REPORT YEAR ENDED 31 MARCH 2022

In addition, from time to time our governance and management is strengthened by commissioning external independent advisors and consultants who are not connected to the Charity. It is a prerequisite, however, that individuals and organisations who are commissioned by OLDP be compassionate about the work of the charity and be committed to the ethics of community currency.

Introduction

Whilst Covid-19 effectively wiped out this financial year’s economic turnover, we were able to offer support and comfort to some 100 Women a week in the Quayside Women’s hub and other initiative’s.

We stayed open throughout, enabling activities such as cycling and introductory workshops to be delivered and women led social enterprises to continue to function.

We continue to build relationships with Women’s groups and enterprise which have a common aim of Empowering, Capacity building and Upskilling Women and Girls for careers in the Built Environment

Whilst OLDP’s medium term aim is to be financially independent of grant funding for everyday income needs, we recognise that during this financial year the charity was supported by 40% grant income and we are humbled by the support of our monetary and social supporters.

FINANCIAL REVIEW

Performance during the year

During the year the charity has sustained its income with grants donations and sales from its three chief sources. giving the charity an income of £43,600 (2021 - £55,307).

Expenditure has been spread over the charity’s direct spending on projects and support costs. All of these activities were accommodated within an expenditure of £32,857 (2021 - £34,817).

Reserves policy

OLDP Ti)

OLDP Ti)

TRUSTEES REPORT YEAR ENDED 31 MARCH 2022

STATEMENT OF TRUSTEES RESPONSIBILITIES

Law applicable to Charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing those financial statements, the trustees follow best practice and:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

ON BEHALF OF THE BOARD :

Barbara Quarless ( Chair)

OLDP a charitable incorporated organisation (CIO)

2022

INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF OLDP CIO

I report to the trustees on my examination of the financial statements of OLDP CIO for the year ending 31 March 2022, which are set out on pages 14 to 20.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Respective Responsibilities of the Trustees and Examiner

The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention:

(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

P Bowater ACA BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB

STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2022

Note
Income from;
Charitable activities
Grants
Income from trading
activities
3
Total income
Expenditure on;
Charitable activities
Other charitable
expenditure
5
Total charitable
expenditure
Net income for the
year/Net movement in
funds
Fund balances
transferred on
conversion to CIO
Opening fund balance
Closing fund balances		 Unrestrict
ed funds
2022
£
18,432
25,168
43,600
32,857
32,857
10,743
-
22,242
32,985		 Restricte
d
funds
2022
£
-
-
-
-
-
-
-
-
-		 Total
2022
£
18,432
25,168
43,600
32,857
32,857
10,743
-
22,242
32,985		 Total
2021
£
37,712
17,595
55,307
34,817
34,817
20,490
1,852
-
22,242

BALANCE SHEET AS AT 31 MARCH 2022

2022
£
1,967
15,737
24,753
40,490
(9,472)
31,018
32,985
32,985
-
32,985		 2021
£
Notes
FIXED ASSETS
Tangible fxed assets
7		 4,217
CURRENT ASSETS
Debtors
8		 8,087
Cash at bank and in hand 18,664
26,751
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
9		 (8,626)
NET CURRENT ASSETS 18,125
TOTAL ASSETS LESS CURRENT
LIABILITIES		 22,342
FUNDS
12
Unrestricted funds 22,342
Restricted -
TOTAL FUNDS 22,342

The financial statements were approved by the Board of Trustees on , and were signed on its behalf by:

B Quarless (Chair)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Charities Act 2011 and the requirements of the Statement of Recommended Practice, Accounting and Reporting by Charities.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Goods donated are recognised when the sale of these items occurs.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values their useful lives on the following bases:

Motor vehicles – straight line over 3 years Office equipment – straight line over 2 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3. OTHER TRADING INCOME

3. OTHER TRADING INCOME
Rent income
Sales of donated goods
Fees for painting and decorating
Donations
Room hire
Other income
`		 2022
£
12,451
-
8,362
1,075
1,440
1,840
25,168		 2021
£
-
14,691
1,065
-
-
1,839
17,595

Sales of donated goods are recognised when the sale occurs. As at 31 March 2022, the charity is holding goods, which are valued by the Trustees to have an estimated net realisable value of Nil (2021£15,000)

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

4. EXPENDITURE ON CHARITABLE ACTIVITIES

Expenditure on
charitable
activities
Support costs
Occupation costs
General ofce
Accounting and
other professional
fees
Bank charges
Insurance
Meeting expenses
LTA expenses
Volunteer
expenses
Motor expenses
Depreciation of
fxed assets
Travel expenses
Governance
costs
Independent
examination
Board expenses
Total 2021		 Direct
costs
£
11,545
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10,057		 Suppor
t costs
£
17,426
4,438
5,262
1,959
96
789
-
-
-
1,558
2,250
1,074
17,426
-
-
-
20,363		 Governanc
e costs
£
3,886
-
-
-
-
-
-
-
-
-
-
-
-
360
3,526
3,886
4,397		 2022
Total
£
32,857
4,438
5,262
1,959
96
789
-
-
-
1,558
2,250
1,074
17,426
360
3,526
3,886		 2021
Total
£
34,817
5,830
2,674
1,113
161
2,410
338
1,470
2,210
46
4,088
23
20,363
360
4,037
4,397
34,817

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

5. TRUSTEES

Remuneration and benefits

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year (2021 – None).

Expenses

The trustees (or any persons connected with them) received £3,366 (2021- £4,037) in expenses from the charity during the year. These relate principally to the reimbursement of costs for attendance at Board meetings.

6. EMPLOYEES

The charity did not employ any staff during the period.

There is a volume of willing volunteers who help the charity in its activities. It Is not possible to estimate their total numbers.

7. TANGIBLE FIXED ASSETS

Cost
At 1 April 2021
Additions
At 31 March 2022
Depreciation and
impairment
At 1 April 2021
Depreciation charge
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Ofce
equipme
nt
£
4,244
-
4,244
3,960
284
4,244
-
284		 Motor
vehicle
£
5,899
-
5,899
1,966
1,966
3,932
1,967
3,933		 Total
£
10,143
-
10,143
5,926
2,250
8,176
1,967
4,217

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

8. DEBTORS

8. DEBTORS
2022
£
15,737
-
15,737		 2021
£
Trade Debtors 8,087
Other Debtors -
8,087

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022
£
7,912
1,560
-
9,472		 2021
£
Trade Creditors 4,056
Accruals 600
Deferred income 3,970
8,626

10. RELATED PARTY TRANSACTIONS

There were no related party transactions during the year (2021 – None).

OLDP CIO

INDEPENDENT EXAMINERS REPORT

TO THE TRUSTEES OF OLDP CIO

I report to the trustees on my examination of the financial statements of OLDP CIO for the year ending 31 March 2022, which are set out on pages 7 to 13.

This report is made solely to the Charity's Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.

Respective Responsibilities of the Trustees and Examiner The Charity’s Trustees are responsible for the preparation of the accounts. The Charity’s Trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (“the 2011 Act”) and that an independent examination is needed.

It is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently, no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention:

P Bowater ACA

BVSC Accountancy Services First Floor Livery Place 35 Livery Street Birmingham B3 2PB

15 November 2022